China drafting plans for financial services market opening

PBOC to meet Tuesday to review reforms, sources say

Bloomberg reports Monday, citing sources familiar with the matter, that Chinese authorities are drafting reforms to further open up the country’s financial services industry to foreign investors.

China’s central bank will meet on Tuesday to discuss proposals, as well as a timetable for implementation. The plan may include allowing foreign firms to own majority stakes in joint ventures, the sources said, up from the current 25% stake cap. Allowing foreign firms to provide yuan-denominated bank card clearing services may also be on the table.